Driving-range chain Topgolf could reportedly IPO as soon as this year

Topgolf International has picked its partner banks for an initial public offering that could arrive as soon as this year, Bloomberg reported, citing people familiar with the matter.  The IPO would value Topgolf at…

about $4 billion. The partner banks for the deal include Morgan StanleyJPMorgan Chase, and Bank of America, sources told Bloomberg.

Topgolf has $525 million in outstanding debt, Bloomberg reported. The company has not yet responded to a request for comment.

Topgolf operates driving ranges with group bays, electronic ball tracking, and food and drink offerings. Certain venues host additional entertainment options including concert stages, shops, pools, and rooftop lounges. The company serves more than 20 million customers annually across 50 locations around the world, according to its website.

Topgolf’s early backers include Callaway Golf, which invested in the company as early as 2006. Callaway stock climbed following news of Topgolf’s IPO, and closed roughly 3.3% higher Monday.

Topgolf’s public debut would arrive in the wake of 2019’s IPO meltdown. Major startups including Uber, Lyft, and Peloton sank in their first days of trading, collectively wiping out billions of dollars of investor wealth as traders balked at the firms’ lack of profitability.

WeWork and Endeavor were days away from entering public markets before analyst scrutiny and market volatility prompted them to cancel their highly anticipated IPOs.

The collection of IPO slumps is now creating two distinct windows for companies to go public in 2020, according to Deloitte IPO expert Previn Waas. Some firms will look to…

Continue reading at BUSINESS INSIDER

You May Also Like

About the Author: Admin